Bulgaria: Council of Ministers proposes VAT amendments for small enterprises
Bulgaria’s Council of Ministers has submitted a draft amendment to the VAT Act to parliament, aiming to implement the European Union’s small enterprises VAT scheme. Any small enterprise with a total annual turnover of no more than EUR 100 000
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US: IRS clarifies penalty relief for 2025 reporting on tips and overtime under One, Big, Beautiful Bill
The US Internal Revenue Service (IRS) has announced, on 5 November 2025, penalty relief for tax year 2025 related to information reporting on tips and overtime. The Treasury, IRS provide penalty relief for tax year 2025 for information
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Zambia: MoF presents 2026 budget, promotes corporate investments in key sectors
Zambia’s Ministry of Finance and National Planning delivered the 2026 Budget Speech to the National Assembly on 26 September 2025, announcing a series of revenue measures aimed at strengthening domestic resource mobilisation, supporting small
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Australia: ATO consults draft Public CBC reporting instructions
The Australian Taxation Office announced yesterday, 5 November 2025, that consultations are open on the draft instructions for completing the Public country-by-country (CBC) report. Under the Public CBC reporting rules, certain public and
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Algeria: NTA raises penalties for failure to meet registration duty requirements
Algeria’s tax authority (NTA) issued a circular on 29 October 2025 announcing higher fines for failing to comply with registration duty requirements, effective from 1 January 2025. The circular communicates modifications introduced by Articles
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Ireland: Revenue updates local property tax manuals
The Irish Revenue has released eBrief No. 205/25 on 30 October 2025, detailing updates to various Tax and Duty Manuals on Local Property Tax in light of the amendments made by the Finance (Local Property Tax and Other Provisions) (Amendment) Act
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Costa Rica: DGT introduces new monthly tax reporting form for transactions not supported by electronic vouchers
Costa Rica’s tax authority (DGT) issued Resolution MH-DGT-RES-0055-2025 on 3 November 2025, introducing a new monthly tax reporting form for businesses and organisations that conduct transactions not covered by electronic invoices. The new
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Singapore: IRAS classifies subordinated perpetual securities as debt
The Inland Revenue Authority of Singapore released Advance Ruling Summary No. 21/2025 on 3 November 2025, addressing the classification of subordinated perpetual securities as debt and the deductibility of distributions paid on them as
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Taiwan clarifies rules for deductible corporate donations to Mainland China
The Taichung Branch of Taiwan’s National Taxation Bureau (Central Area) under the Ministry of Finance stated that, under Article 79 of the Regulations Governing Assessment of Profit-Seeking Enterprise Income Tax, profit-seeking enterprises must
See MoreAustralia: BoT redesigns Voluntary Tax Transparency Code (VTTC)
The Board of Taxation (BoT) has completed a redesign of the Voluntary Tax Transparency Code (VTTC), which provides principles and minimum standards to guide medium and large businesses in publicly disclosing tax information. The BoT, responsible
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Cameroon: Directorate General of Taxation issues guidance on tax treaty dispute resolution
Cameroon’s Directorate General of Taxation has published a circular outlining the amicable procedure for resolving disputes under its double taxation treaties. The procedure is designed to ensure fair tax administration by effectively resolving
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Ethiopia: Ministry of Finance proposes tax breaks for SEZs, startups, exporters
Ethiopia’s Ministry of Finance released a draft regulation aimed at updating the country’s investment incentive framework. The draft introduces new tax breaks for exporters, startups, and green-energy projects. Key highlights of the proposed
See MoreAlgeria: NTA clarifies tax relief for sovereign Sukuk (bonds)
Algeria’s National Tax Administration (NTA) issued Circular No. 65 MF/OGV F.2025 on 29 October 2025, establishing the tax exemption framework for sovereign Sukuk (Islamic bonds) to support the growth of Islamic finance and the development of
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OECD releases report encouraging economic diversification in Libya through public-private dialogues
The OECD has published a new report, Encouraging Economic Diversification in Libya through Public-Private Dialogues, on 28 October 2025, which outlines key findings and policy recommendations for five priority sectors of Libya's economy. This
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Israel: MoF announces tax reforms for R&D centres
Israel’s Ministry of Finance presented reforms in its taxation policy on 2 November 2025, designed to facilitate activities and increase the attractiveness of the Israeli high-tech industry. The reform was formulated by a team that included
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Bulgaria plans dividend tax hike, faster write-offs for electric vehicles in 2026 budget
Bulgaria's Ministry of Finance has released the draft State Budget Act for 2026 and updated the medium-term budget forecast for 2026-2028, which were published on the Ministry’s website on 3 November 2025. Draft State Budget Act for
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Costa Rica: DGT updates transfer pricing return dates for 2024, 2025
Costa Rica’s tax administration (DGT) has published Resolution MH-DGT-RES-TEMPORAL-0001-2025 in the Official Gazette on 31 October 2025 clarifying deadlines for submitting the transfer pricing information returns for fiscal years 2024 and
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Canada: Government presents 2025 Budget to the House of Commons
Canada’s government has presented the Budget 2025 to the House of Commons on 4 November 2025. It emphasised a strategy to build major infrastructure, housing, and key industries to support economic growth and long-term prosperity. The
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